By: Monica Ricci
But Big Data is both a challenge and an opportunity that is receiving increasing focus across nearly every industry. And, many of these industries â€“ health care, the public sector, and manufacturing to name a few â€“ could hardly be called â€śnetwork-centric.â€ť Yet the need to collect, interpret, store, share and gain increasing insight from data is common to them all, and CSPs would be best served to think outside the network when it comes to assessing Big Data strategies and the benefits that these can deliver.
To understand the implications of the rapid growth of CSP network utilization across multiple dimensions, it is natural to begin by putting some quantifiable metrics around Big Data. To do this, letâ€™s first turn to the experts for guidance on how you might measure Big Dataâ€™s size.
IDC predicts that the market for Big Data solutions â€“ which includes networks, servers, storage, systems and services â€“ across all global industries is growing at almost 40% annually. They forecast this market to reach nearly US$17 Billion in spending by the year 2015. Most importantly, this growth rate is 7 times that of the overall IT industry.
Others, including Forrester and Frost & Sullivan, use a common framework to describe data as â€śbigâ€ť if it measures excessively in at least one dimension of Volume, Velocity or Variety. These dimensions are called the â€ś3 Vsâ€ť of Big Data.